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> These "stops" are usually mental stops, not real stop orders.
> Takes too long to really enter a stop order, although you can.
I should have posed my question more clearly. It is, can you really enter a stop order with CyBerBroker (or other direct-access day trader's broker) on a NASDAQ stock? My question is based on the following understanding for which I'm seeking corroboration or correction: NASDAQ per se, unlike the NYSE, has no mechanism for storing and executing stop orders. Any broker which accepts a stop loss order on a NASDAQ stock is holding the order in the broker's computer system, which detects the triggering print and then automatically generates a market order. But not all brokers offer this service; those that do are more likely to be ones marketing to a retail clientele (e.g., Ameritrade, to pick one at random) rather than those oriented to direct-access day traders (e.g., CyBerBroker).
I know that CyBerTrader software has conditional execution capability, but I (perhaps incorrectly) don't regard use of that feature as "entering a stop-loss order" in the same sense that an Ameritrade customer enters such an order, and the even stronger sense (because the responsibility for execution goes to the exchange itself) that a NYSE customer enters such an order. |
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